"One of the areas where you're seeing some improvement is renovation spending," said Meyer. "That's the often overlooked sector of the construction market because historically it's a smaller share of construction and it tends to be a lot more steady.

"It doesn't usually exhibit the same type of cyclical patterns as new construction. But given the unique nature of this cycle, renovation spending is a bigger share of residential investment than new construction now. And we're starting to see some real good signs of improvement in the renovations market."

Meyer added that this will put excess construction workers back to work, which puts more money in consumers pockets. This increases housing turnover and ultimately boosts GDP.